The Financial Supervisory Commission will convert its anti-money laundering regulatory guideline into law this year.

For the first time in South Korea, the government enacts a law regulating cryptocurrency trading.

However, the prospective law might push many of the existing cryptocurrency exchanges to shut down or go to bankrupt as they might no longer open accounts with investors even in local currency.

Currently, the government allows only the four major exchanges to open real-name virtual accounts.

Minor exchanges hope that the government would allow them to open accounts even after the anti-money laundering law goes into effect.

However, the government has yet to announce whether it would permit the minor exchanges to open accounts.

Unless the government takes an exceptional measure, the minor exchanges have no way of opening accounts and stop trading, a Seoul exchange executive said.

 

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